News

TMG Adds New Card Design Option to Prepaid Lineup

April 11, 2013

(Des Moines, Iowa – April 11, 2013) – The Members Group (TMG) has added a new design option for its ATIRAreload Visa prepaid card. The plastic is now offered in a black background with silver lettering, in addition to the green background design already available. The sleek, prestigious design was created to appeal to a wider demographic of customers and to keep the card top-of-wallet with cardholders.

“TMG’s financial institution clients recognize the potential for prepaid to reach new audiences, including wealthier wallets and Gen Y customers,” said Konrad Christensen, TMG retail payments product manager. “Although prepaid has traditionally targeted the underserved, there is new evidence that mainstream consumers are attracted to the product. The new design option for the TMG ATIRAreload prepaid card will allow our clients to market to more potential cardholders.”

The market for prepaid cards is growing rapidly, climbing nearly 20 percent in 2011 to $483 billion, according to the Mercator Advisory Group. It is expected to jump to nearly $600 billion in 2013. Research also indicates this growth isn’t limited to underserved consumers. A report from the Aite Group found 33 percent of prepaid users have incomes above $45,000, and 15 percent of cardholders earn more than $70,000. The research also reveals more than one-third of prepaid cardholders have college degrees.

According to Christensen, customers are attracted to prepaid cards because they allow cardholders to limit their spending to the amount on their cards, avoiding high interest fees and costly overdraft charges. Many customers also choose prepaid cards as a safeguard against identity theft and fraud, as well as to reduce the need to share sensitive information about their personal checking or savings accounts.

“We have had tremendous success in growing market share with our green card design. Yet, the sleek and sophisticated black prepaid cards are designed to better match existing credit cards in customers’ wallets, which will help prepaid card products continue to grow in popularity,” said Christensen. “With two design options to choose from — green or black — our clients will be able to select the ATIRAreload card that best matches their customers’ lifestyles.”